Trusts
This is what you call the people who can act on behalf of the trust.
What is trustee?
The document that we require a trustee to fill out whenever they open an account.
What is Certificate of Trust?
The person who designates someone else to act on their behalf.
Who is the principal?
The entities which receive interest on IOLTA and IORTA accounts.
What is the VT Bar and VHFA?
This is the owner of the funds in a trust account.
Who is the trust?
This email group answers questions you might have about a trust.
What is Legal Review?
Co-agents must be able to do this for NSB to accept the POA.
What is act independently?
This is who you contact when someone is interested in ICS accounts.
Who is Enterprise and Government Banking?
These two terms both mean the person who creates the trust.
What are grantor and settlor?
These are the two personal products that a trust can NOT be added to.
What is IRA and HSA?
This is another term for “agent”.
What is attorney-in-fact?
This service provides customers with more options for their funds that they don’t need access to but want FDIC insured.
This type of trust can be changed after its initial creation by the creator(s).
What is revocable?
Someone who benefits from a trust that NSB does not keep a record of.
What is a Beneficiary?
This is one way a POA is terminated after which many people think it still applies.
What is death of the principal?
This is the business or organization that allows a boy scout troop to report to their TIN.
What is the sponsor?
This is how a trust files taxes.
What is either the SSN of the grantor(s) or an EIN?
Someone who takes over managing a trust when the trustee passes away.
What is a successor trustee?
This is when an agent takes an action that benefits themselves.
What is self-dealing?
This is the document used as ID for a political campaign.
What is the Consent of Candidate?